Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

3 Months Ended

Mar. 31, 2017

Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract]

Condensed Consolidating Statement of Operations

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2017

UNAUDITED

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	246,011	$	999,356	$	6,756	$	(134,762)	$	1,117,361
Cost of operations		(223,588)		(925,815)		—		134,762		(1,014,641)
Gross profit		22,423		73,541		6,756		—		102,720
General and administrative expenses		(22,238)		(42,998)		(467)		—		(65,703)
Income from construction operations		185		30,543		6,289		—		37,017
Equity in earnings of subsidiaries		23,529		—		—		(23,529)		—
Other income (expense), net		(252)		707		307		(345)		417
Interest expense		(15,451)		(458)		—		345		(15,564)
Income before income taxes		8,011		30,792		6,596		(23,529)		21,870
Benefit (provision) for income taxes		5,753		(11,414)		(2,445)		—		(8,106)
Net income (loss)	$	13,764	$	19,378	$	4,151	$	(23,529)	$	13,764
Other comprehensive income (loss), net of tax:
Other comprehensive income of subsidiaries		(75)		—		—		75		—
Defined benefit pension plan adjustments		268		—		—		—		268
Foreign currency translation adjustments		—		(54)		—		—		(54)
Unrealized loss in fair value of investments		—		(21)		—		—		(21)
Total other comprehensive (loss) income, net of tax		193		(75)		—		75		193
Total Comprehensive Income	$	13,957	$	19,303	$	4,151	$	(23,454)	$	13,957

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2016

UNAUDITED

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	176,725	$	986,361	$	7,104	$	(84,821)	$	1,085,369
Cost of operations		(154,289)		(910,809)		—		84,821		(980,277)
Gross profit		22,436		75,552		7,104		—		105,092
General and administrative expenses		(21,658)		(42,837)		(475)		—		(64,970)
Income from construction operations		778		32,715		6,629		—		40,122
Equity in earnings of subsidiaries		23,079		—		—		(23,079)		—
Other income (expense), net		(621)		1,060		243		—		682
Interest expense		(13,484)		(596)		—		—		(14,080)
Income before income taxes		9,752		33,179		6,872		(23,079)		26,724
Benefit (provision) for income taxes		5,648		(14,060)		(2,912)		—		(11,324)
Net income (loss)	$	15,400	$	19,119	$	3,960	$	(23,079)	$	15,400
Other comprehensive income (loss), net of tax:
Other comprehensive income of subsidiaries		938		—		—		(938)		—
Defined benefit pension plan adjustments		247		—		—		—		247
Foreign currency translation adjustments		—		930		—		—		930
Unrealized gain in fair value of investments		—		8		—		—		8
Unrealized loss in fair value of interest rate swap		(35)		—		—		—		(35)
Total other comprehensive income, net of tax		1,150		938		—		(938)		1,150
Total Comprehensive Income (Loss)	$	16,550	$	20,057	$	3,960	$	(24,017)	$	16,550

Condensed Consolidating Balance Sheet

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2017

UNAUDITED

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	56,767	$	47,765	$	285	$	—	$	104,817
Restricted cash		2,017		1,840		56,301		—		60,158
Accounts receivable		435,844		1,432,775		94,653		(213,670)		1,749,602
Costs and estimated earnings in excess of billings		145,252		766,012		152		(70,656)		840,760
Other current assets		43,461		44,863		6,276		(36,118)		58,482
Total current assets		683,341		2,293,255		157,667		(320,444)		2,813,819
Property and equipment, net		62,529		396,571		3,595		—		462,695
Intercompany notes and receivables		—		167,761		—		(167,761)		—
Goodwill		—		585,006		—		—		585,006
Intangible assets, net		—		92,111		—		—		92,111
Investment in subsidiaries		2,188,874		—		—		(2,188,874)		—
Other Assets		41,930		8,982		2,407		(8,467)		44,852
Total assets	$	2,976,674	$	3,543,686	$	163,669	$	(2,685,546)	$	3,998,483
Liabilities and stockholders' equity
Current liabilities:
Current maturities of long-term debt	$	68,655	$	23,943	$	—	$	(65,000)	$	27,598
Accounts payable		253,609		913,456		4,943		(206,077)		965,931
Billings in excess of costs and estimated earnings		94,701		196,933		9,751		(12,590)		288,795
Accrued expenses and other current liabilities		47,246		86,668		15,311		(36,777)		112,448
Total current liabilities		464,211		1,221,000		30,005		(320,444)		1,394,772
Long-term debt, less current maturities		699,786		59,465		—		(6,060)		753,191
Deferred income taxes		16,083		116,940		—		(2,407)		130,616
Other long-term liabilities		106,621		2,442		50,714		—		159,777
Intercompany notes and advances payable		129,846		—		37,915		(167,761)		—
Contingencies and commitments		—		—		—		—		—
Stockholders’ equity		1,560,127		2,143,839		45,035		(2,188,874)		1,560,127
Total liabilities and stockholders' equity	$	2,976,674	$	3,543,686	$	163,669	$	(2,685,546)	$	3,998,483

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2016

UNAUDITED

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	80,829	$	65,079	$	195	$	—	$	146,103
Restricted cash		2,016		2,211		46,277		—		50,504
Accounts receivable		426,176		1,441,263		107,380		(231,519)		1,743,300
Costs and estimated earnings in excess of billings		140,901		758,158		152		(67,385)		831,826
Other current assets		76,453		38,889		7,498		(56,817)		66,023
Total current assets		726,375		2,305,600		161,502		(355,721)		2,837,756
Property and equipment, net		74,739		399,091		3,796		—		477,626
Intercompany notes and receivables		—		242,382		—		(242,382)		—
Goodwill		—		585,006		—		—		585,006
Intangible assets, net		—		92,997		—		—		92,997
Investment in subsidiaries		2,223,971		—		—		(2,223,971)		—
Other Assets		42,324		8,905		2,407		(8,401)		45,235
Total assets	$	3,067,409	$	3,633,981	$	167,705	$	(2,830,475)	$	4,038,620
Liabilities and stockholders' equity
Current liabilities:
Current maturities of long-term debt	$	122,166	$	23,724	$	—	$	(60,000)	$	85,890
Accounts payable		280,342		937,428		2,495		(226,249)		994,016
Billings in excess of costs and estimated earnings		102,373		229,746		19,564		(20,571)		331,112
Accrued expenses and other current liabilities		60,227		76,002		20,597		(48,901)		107,925
Total current liabilities		565,108		1,266,900		42,656		(355,721)		1,518,943
Long-term debt, less current maturities		614,608		65,015		—		(5,994)		673,629
Deferred income taxes		16,475		116,939		—		(2,407)		131,007
Other long-term liabilities		111,108		2,415		48,495		—		162,018
Intercompany notes and advances payable		207,087		—		35,295		(242,382)		—
Contingencies and commitments		—		—		—		—		—
Stockholders’ equity		1,553,023		2,182,712		41,259		(2,223,971)		1,553,023
Total liabilities and stockholders' equity	$	3,067,409	$	3,633,981	$	167,705	$	(2,830,475)	$	4,038,620

Condensed Consolidating Statement of Cash Flows

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2017

UNAUDITED

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	13,764	$	19,378	$	4,151	$	(23,529)	$	13,764
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		11,975		8,820		201		—		20,996
Equity in earnings of subsidiaries		(23,529)		—		—		23,529		—
Share-based compensation expense		3,956		350		—		—		4,306
Change in debt discount and deferred debt issuance costs		50,636		(46,800)		—		—		3,836
Deferred income taxes		(614)		88		—		—		(526)
Loss on sale of property and equipment		—		(131)		—		—		(131)
Other long-term liabilities		(4,105)		62		2,219		—		(1,824)
Other non-cash items		461		(194)		—		—		267
Changes in other components of working capital		30,668		(105,124)		923		—		(73,533)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		83,212		(123,551)		7,494		—		(32,845)
Cash flows from investing activities:
Acquisition of property and equipment excluding financed purchases		(155)		(5,517)		—		—		(5,672)
Proceeds from sale of property and equipment		—		259		—		—		259
Decrease (increase) in intercompany advances		—		74,626		—		(74,626)		—
Change in restricted cash		(1)		371		(10,024)		—		(9,654)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES		(156)		69,739		(10,024)		(74,626)		(15,067)
Cash flows from financing activities:
Proceeds from debt		319,977		(6,000)		—		—		313,977
Repayment of debt		(292,087)		(4,398)		—		—		(296,485)
Issuance of common stock and effect of cashless exercise		(10,905)		96		—		—		(10,809)
Debt issuance costs		(46,857)		46,800		—		—		(57)
Increase (decrease) in intercompany advances		(77,246)		—		2,620		74,626		—
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(107,118)		36,498		2,620		74,626		6,626
Net (decrease) increase in cash and cash equivalents		(24,062)		(17,314)		90		—		(41,286)
Cash and cash equivalents at beginning of period		80,829		65,079		195		—		146,103
Cash and cash equivalents at end of period	$	56,767	$	47,765	$	285	$	—	$	104,817

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2016

UNAUDITED

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	15,400	$	19,119	$	3,960	$	(23,079)	$	15,400
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		5,626		8,800		70		—		14,496
Equity in earnings of subsidiaries		(23,079)		—		—		23,079		—
Share-based compensation expense		3,647		—		—		—		3,647
Deferred income taxes		(153)		(2)		—		—		(155)
Loss on sale of property and equipment		202		83		—		—		285
Other long-term liabilities		(3,822)		(954)		715		—		(4,061)
Other non-cash items		(90)		1,489		—		—		1,399
Changes in other components of working capital		12,879		(25,578)		(2,368)		—		(15,067)
NET CASH PROVIDED BY OPERATING ACTIVITIES		10,610		2,957		2,377		—		15,944
Cash flows from investing activities:
Acquisition of property and equipment excluding financed purchases		(1,282)		(3,530)		—		—		(4,812)
Proceeds from sale of property and equipment		75		864		—		—		939
Decrease (increase) in intercompany advances		—		24,653		—		(24,653)		—
Change in restricted cash		109		(403)		(3,011)		—		(3,305)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(1,098)		21,584		(3,011)		(24,653)		(7,178)
Cash flows from financing activities:
Proceeds from debt		299,785		—		—		—		299,785
Repayment of debt		(276,202)		(11,282)		—		—		(287,484)
Debt issuance costs		(5,937)		—		—		—		(5,937)
Increase (decrease) in intercompany advances		(24,628)		—		(25)		24,653		—
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(6,982)		(11,282)		(25)		24,653		6,364
Net increase (decrease) in cash and cash equivalents		2,530		13,259		(659)		—		15,130
Cash and cash equivalents at beginning of period		47,196		26,892		1,364		—		75,452
Cash and cash equivalents at end of period	$	49,726	$	40,151	$	705	$	—	$	90,582